Final Results
28 9월 2010 - 5:49PM
UK Regulatory
TIDMSTZ
Final Results
STAVERT ZIGOMALA PLC
ANNUAL RESULTS FOR THE YEAR ENDING 31ST MAY 2010
Chairman's Statement
Shareholders Funds have increased by GBP649,251 during the financial year ending 31st May 2010,
equivalent to a rise of 15.01%. This compares with increases of 17.44% (FTSE100) 18.67% (FTSE All
Share) and 20.51% (FTSE Small Cap) though the Directors believe that there is no realistically
comparable index.
We are required to present the Accounts so as to show Shareholders Funds in a way which exceeds
the Directors perception of true net worth, because liability for deferred taxation (which would
apply on the realisation of all portfolio investments) is not taken into account. Had the
Accounts been prepared on a net worth basis then there would have been an increase from GBP3,950,461
to GBP4,438,712 amounting to an increase of 12.36%. This methodology inevitably results in a lower
percentage increase in net worth in a rising market just as in a falling market (for example, in
the 2 preceding years) it resulted in a lower decrease.
The declines in dividend and other investment income from GBP162,872 to GBP153,917 (5.82%) and in
interest received from GBP15,902 to GBP6,765 (54.46%) were in line with our expectations as mentioned
in last year's statement. The directors do not anticipate any significant increase this year
though there does appear to be some firming up of dividend payouts from reduced levels.
The Directors have decided to recommend an unchanged final dividend of 36p per Ordinary Share,
with total dividends for the year of 61p being at the same rate as last year. In consequence the
dividends on the Deferred Stock are also recommended at the same rate as last year.
Edward N. Cooper
Chairman
Group Profit and Loss Account Year Ended 31st May 2010
2010 2009
GBP GBP
Income from Fixed Asset Investments 153,917 162,72
Administrative Expenses 41,166 43,110
Operating Profit 112,751 119,762
Interest Receivable and Similar Income 6,765 15,902
Profit on Disposal of Investments 25,540 12,734
Interest payable and Similar Charges (354) (425)
Profit on Ordinary Activities before taxation 144,702 147,973
Tax on profit on Ordinary Activities 488 ----
Profit for the Financial Year 144,214 147,973
Earnings per share (pence) Ordinary Units 48.3p 49.5p
Earnings per share (pence) Deferred Units 39.7p 40.8p
Balance Sheet as at 31st May 2010
GBP GBP
FIXED ASSETS
Investments 4,430,375 3,599,181
CURRENT ASSETS
Debtors 15,103 24,919
Cash at Bank 553,917 776,250
CREDITORS: Amount
falling due within one year 25,683 75,889
TOTAL ASSETS LESS CURRENT
LIABILITIES 4,973,712 4,324,461
CAPITAL AND RESERVES
Called up share capital 46,000 46,000
Revaluation reserve 2,900,581 2,213,132
Other reserves 1,577,675 1,552,135
Profit and loss account 449,456 513,194
SHAREHOLDERS FUNDS 4,973,712 4,324,461
Cash Flow Statement
Year Ended 31st May 2010
2010 2009
GBP GBP
Net Cash Inflow from operating activities 72,361 191,428
Returns on investment and servicing of finance
Interest received 6,765 15,902
Interest paid (4) (75)
Non-equity dividends paid (350) (350)
Net Cash Inflow from returns on investment
and servicing of finance 6,411 15,477
TAXATION (488) (24,457)
Capital expenditure and financial investment
Acquisition of Investments (146,744) (80,691)
Sale proceeds on disposal of Investments 28,539 26,874
Net Cash Outflow for capital expenditure
and financial investment (118,205) (53,817)
Equity dividends paid (182,412) (182,412)
(Decrease) in Cash (222,333) (53,781)
RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW
FROM OPERATING ACTIVITIES
2010 2009
GBP GBP
Operating profit 112,751 119,762
Increase in debtors 9,816 16,273
Increase/(Decrease) in creditors (50,206) 55,981
Net cash inflow from operating activities 72,361 192,016
RECONCILIATION OF NET CASH FLOW
TO MOVEMENT IN NET FUNDS
2010 2009
GBP GBP
(Decrease) in cash in the period (222,333) (53,781)
Change in net funds (222,333) (53,781)
Net funds at 1 June 2009 776,250 830,031
Net funds at 31 May 2010 553,917 776,250
ANALYSIS OF CHANGES IN NET FUNDS
At At
1 June 2009 Cash flows 31 May 2010
GBP GBP GBP
Net cash:
Cash in hand and at bank 776,250 (222,333) 553,917
Net funds 776,250 (222,333) 553,917
Ex dividend date 20th October
2010
Record date 22nd October 2010
Dividend payment date 8th November 2010
Stavert Zigomala Plc - Registered in England No. 194028
Registered Office - PO Box 233 Manchester M60 1QP
Registrars - Hague Lambert, Artillery House, 15 Byrom Street, Manchester M3 4PF
Stavert Zigomala
Stavert Zigomala (LSE:STZ)
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